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Joint Committee, "Impact of CAE case", 11 August 2023 Submission of the Joint Committee-- summary under Government Assistance Summary Under Tax Topics- Income Tax Act- Section 127- Subsection 127(9)- Government Assistance CAE indicated that a government loan lacking sufficient "ordinary commercial terms" – including one that was made otherwise than to promote the governmental commercial interests or that has a below-market interest rate – will be considered "government assistance" within the meaning of ss. 12(1)(x) and 127(9). ... As an example, the mandates of each of the Business Development Bank of Canada, Canada Infrastructure Bank, Export Development Canada, and Farm Credit Canada include providing loan financing to projects which are desirable for socio-political reasons and which may not have fully commercial terms – thereby resulting in such loans being treated as government assistance so as to cause such projects to not be economically viable due to the increased tax burden. ...

[fn 25: … 2000-0055463, 2005-0151691E5 and 2005-0126841R3.] Requirement in s. 149(1)(o.2)(iii)(C) for income to be derived from an “investment” (pp. 15:12-13)... ... [fn 28: … Gilhooly v. M.N.R., [1945] CTC 203 (EC), Westar Mining Ltd. v. ... [fn 39: 2006-0195451R3 …] Words and Phrases derived ...

Under clause 52(3)(a)(ii)(B), the amount of $30 that is determined under the formula "A + B" is added to ACB of the issued shares. ... Under clause 52(3)(a)(ii)(B), the amount of $30 that is determined under the formula "A + B" is added to ACB. ... Variable "B" computes to nil because paragraph 55(2.3) (b) did not apply. … If the dividend "amount" were $70, respecting recharacterization under subsection 55(2), the ACB denial rule does not apply. ...

Carrie Smit, "Amendments to 'Bump' Rules May Permit Foreign Shares as Deal Consideration", International Tax, No. 68, February 2013, p.1-- summary under Subparagraph 88(1)(c.3)(i) Summary Under Tax Topics- Income Tax Act- Section 88- Subsection 88(1)- Paragraph 88(1)(c.3)- Subparagraph 88(1)(c.3)(i) … where a foreign purchaser ("Forco") sets up a Canadian acquisition corporation ("Bidco") to acquire a Canadian target company ("Canco"), and the consideration to be paid for the Canco shares includes Forco shares, the tax cost bump will not be precluded provided that not more than 10% of the value of the Forco shares is attributable to Canco's property. … From a practical perspective, the Bump Amendment favours larger foreign purchasers (which are substantially more valuable than the Canadian target company) over smaller foreign purchasers. … It is not entirely clear, however, how the timing in the Bump Amendment is intended to apply. ...

… Common law rule (p. 8) In The Law of Contract in Canada (6th ed.), G.H.L. ... This meant that … A and B could not contract with B and C. Any attempt to make such a contract resulted in a legal nullity … Rule under Law of Property Act (Alberta) (p. 8) …Section 10(1) of the Law of Property Act (Alberta) provides that a contract is valid and enforceable in accordance with its terms notwithstanding that in or by the contract, inter alia, one of the parties (in our example, A Co) enters into an agreement with that party and some other person (A Co and its partner in their capacity as partners of ABLP). ...

. … The purchase price for the receivables is typically the face amount of the receivables less a discount. ... Another distinction between a sale and a secured loan is that if the SPE is unable to collect the full amount of a purchased receivable following termination of the RPA, the SPE has no right to collect any balance owing from the seller. … Computation of profit on sale of trade receivables to securitization trust (p. 12:22) Generally, it is the CRA's view [see 9206645] that the sale of accounts receivable, other than as part of the selling of a business, is on income account since the sale occurs in the ordinary course of the seller's business. … Generally, the CRA takes the position [2007-022514lR3] that when the purchase price in a securitization consists of upfront cash payments plus amounts received as a deferred purchase price, the fair market value of the deferred purchase price is included in the seller's income on the date of the sale of the receivables. ...

Joint Committee, "Employee Stock Option Amendments", 3 September 2019 Joint Committee Letter-- summary under Paragraph 110(1)(e) Summary Under Tax Topics- Income Tax Act- 101-110- Section 110- Subsection 110(1)- Paragraph 110(1)(e) effective date/different employer and issuer/successor rules Both (i) the denial of the s. 110(1)(d) deduction for benefits respecting “non-qualified securities” and (ii) the granting of a corresponding employer deduction under s. 110(1)(e) should apply respecting agreements to sell or issue securities entered into after 2019, rather than (i) coming into force on January 1, 2020 – and the continuity rule in s. 7(1.4) should apply for such purposes. The conditions for the s. 110(1)(e) deduction should be relaxed to permit the stock option issuer to differ from the deducting employer, to permit the employer not to be a specified person, and to require that the specified person status of the issuer be tested only at the time of grant – but s. 110(1)(e) should not permit multiple employers to each take the deduction. ...

. … One prescribed circumstance for the offset to be available is that "the person who may reduce or offset the tax that is remittable and any other person who may be entitled to a refund or rebate under the Act are corporations." Partnerships do not qualify. … ...

. … Subsection 104(7.1), although broadly drafted, was enacted as an anti-avoidance measure to prevent the streaming of income and capital to different beneficiaries depending on their taxable status. The legislative intent appears to be that subsection 104(7.1) should apply only in circumstances where the terms attaching to the units of a trust are tax-motivated. … In the context of RioCan's preferred unit issuance, the CRA appears to have interpreted subsection 104(7.1) in light of this legislative intent; clearly, the purpose of the preferred units is not to stream income and capital in a tax-motivated manner. ...

. … Subsection 12(9.1)…exclud[es] from the certificate holder's income the portion of the proceeds of disposition received by the certificate holder from the disposition of an interest in the mortgage loan that can reasonably be considered to represent a recovery by the certificate holder of the cost of acquiring the interest [see 9206645]. … Conversely… subsection 20(21)…should allow a deduction of the overaccrual on the disposition of the certificate for fair market value. ...